Australian dollar exchange rates comment on September 6, 2010

Australian dollar exchange rates comment on September 6, 2010
AUD/USD to trade with positive bias. Underpinned by weak USD sentiment, AUD demand for long-AUD carry trades on diminished risk aversion, stronger commodity prices (CRB spot index settled up 1.62 Friday at 272.77). But AUD/USD gains tempered by caution ahead of tomorrow''''s RBA interest rate decision. Data focus: 0100 GMT Australia August TD Securities monthly inflation gauge, 0130 GMT August ANZ job ads. AUD/USD daily chart positive-biased as MACD & stochastics bullish, although latter at overbought. Resistance at 0.9221 (Aug. 6 high); breach would expose upside to 0.9324 (April 30 reaction high), then 0.9382 (April 12 reaction high). Support at 0.9134 (hourly chart), then at 0.9064 (Friday''''s low); breach would temper near-term positive outlook, targeting 0.9052 (Thursday''''s low), then 0.9030 (previous cap set Aug. 30), 0.8910 (Wednesday''''s low) and 0.8858 (Tuesday''''s low).